Hong Kong's SFC Continues License Fee Waiver

Hong Kong's Securities and Futures Commission (SFC) has announced that the
payment of annual licensing fees will be waived for another two-year period,
effective from April 1, 2014.

"Market participants have been operating in a stressed environment amid
uncertainty over the global economy. We hope that the two-year fee waiver will
help relieve the cost pressures facing the securities and futures industry,"
said Ashley Alder, SFC's Chief Executive Officer.

The fee waiver, which should benefit more than 39,000 intermediaries, will
apply to all licensed corporations, registered institutions, responsible officers
and representatives.

The fees payable in connection with new license applications and transfers
will, however, not be affected.

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